题目内容
（请给出正确答案）
A.15.21%
B.14.55%
C.13.54%
D.12.87%
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更多“A firm is considering investing $10 million in equipment which is expected to have a useful life of …”相关的问题
A film studio, Nadir Productions, has to decide whether to make a movie out of the book “Planetary Wars”, which it has acquired the rights to. The studio’s experts estimate that the production costs for the film will be $30 million and the subsequent cash flows net of distribution costs and taxes to be received a year later are expected to be $60 million with a probability of 50% and $10 million with a probability of 50%. The studio uses a discount rate of 18% in deciding whether to accept such projects. What is the NPV of the project? Should the project be accepted? At this point a new MBA on the CFO’s staff suggests that they have not taken account of the option to produce a sequel to the movie. If the movie succeeds at the box office, then surely they will want to make “Planetary Wars II” the following year. Draw a decision tree for the project. Assuming that the cost estimates and the distribution of future cash flows for the sequel are the same as for the original movie, how does taking account of the option to make a sequel affect the desirability of the project? Suppose that Nadir’s executives believe that a successful film of this genre can have as many as three sequels. What is the NPV of the project taking account of this?
（2）Estimate the IRR of the project. And on financial grounds, whether the company should accept the project.
Tax-Less Software Corporation is considering an investment of $400,000 in equipment for producing a new tax preparation software package. The equipment has an expected life of 4 years. Sales are expected to be 60,000 units per year at a price of $20 per unit. Fixed costs excluding depreciation of the equipment are $200,000 per year, and variable costs are $12 per unit. The equipment will be depreciated over 4 years using the straight line method with a zero salvage value. Working capital requirements are assumed to be 1/12 of annual sales. The market capitalization rate for the project is 15% per year, and the corporation pays income tax at the rate of 34%. What is the project’s NPV? What is the breakeven volume?
A、$181,845 & 37,500
B、$191,845 & 38,500
C、$191,845 & 40,500
D、$181,845 & 39,500
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